IDAHO SPRINGS, Colo. (CBS4) – Plans for a new hotel, a conference center, restaurants, retail and 200 homes are planned by the new owners of the historic Argo Gold Mine and Mill in Idaho Springs.

CBS4 has learned the well-known tourist attraction and former mining mill was bought earlier this year by new developers including Idaho Springs residents Bob Bowland and Mary Jane Loevlie, and Denver developer Dana Crawford.

Argo Mine (credit: CBS)

Crawford is known for the development of Larimer Square, the Oxford Hotel and Denver Union Station, according to Idaho Springs city officials.

The mill was purchased from the Maxwell family, who had owned and operated the site as a tourist destination since the early 1970s.

The site’s new owners plan to continue to operate the historic mine tour that sees an estimated 40,000 visitors a year.

Argo Mine (credit: CBS)

Idaho Springs Mayor Mike Hillman said the development plan includes a 160-room boutique hotel, restaurant, conference center and spa. Also planned are 200 housing units at what will be called Argo Mountain Village.

“Idaho Springs has long needed lodging, conference rooms, along with housing,” Hillman said. “As a whole it’s going to be a game changer for Idaho Springs.”

Construction could begin in 2017, and that the cost for the full development could reach at least $70 million. The ownership group is actively seeking investors.